Is it possible to establish an ad hoc fiduciary relationship without an individual case-by-case analysis of the individual Class Member’s financial circumstances?
Ontario, Canada
The following excerpt is from Boal v. International Capital Management Inc., 2022 ONSC 1280 (CanLII):
According to the certification judge in this case it is not possible to establish an ad hoc fiduciary relationship without an “individual case-by-case analysis of the individual Class Member’s financial circumstances, net worth, sophistication, expertise, experience, tolerance for risk, dependency, and vulnerability.” (at para. 99). Yet, as Hodgkinson v. Simms makes clear, fiduciary relationships have been affirmed without regard to the level of sophistication of the client and in spite of the fact that the ultimate decision with respect to the investment rested with the client.
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